Triyards

Triyards: reported a net attributable profit of US$6.5 million for the first quarter ended 30 November 2012 (1Q FY13) as revenue increased 5% to US$53.3 million from the first quarter ended 30 November 2011 (1Q FY12). Group’s net cashflow from operating activities improved by US$18.7 million in 1Q FY13 as compared to the corresponding period in 1Q FY12. Along with its first-quarter results, the Group also announced a US$60 million contract from a new client in Southeast Asia, that is expected to be completed in FY14. This brings the Group's total order book to be US$643mn. Mgmt stated that the demand for OSVs and SEUs is expected to remain firm in the medium term. The Group plans to broaden its revenue base by expanding its ship repair operations, moving into high-speed aluminium vessels and establishing its own offshore equipment product line, which will be designed and fabricated at its yard in Houston. The mgmt also stated that they are currently considering acquisition opportunities across the Asia Pacific region to complement our existing facilities, and extend our suite of products and services, on top of looking to expand their product offerings. The counter trades at 2.3x Trailing 12m P/B (annualized), 5.5x Trailing 12m P/E (annualized).